Home Affordable Refinance Program Eligibility Requirements

In 2009, the Federal government developed a home affordable program in the wake of the housing market collapse. The program covered loan modification, refinance and foreclosure alternatives. The program was designed to help struggling homeowners' who are in danger of losing their homes. It helped them re-structure their mortgage to make their payments affordable. One of the four programs being offered is the Home Affordable Refinance Program (HARP). This program is designed for homeowners' who would like to reduce their mortgage to get lower monthly payments and interest rates, but are unable to do a decrease in their home value.


In order to be eligible for this program, you must own a one to four unit home, have a loan guaranteed by Freddie Mac or Fannie Mae and be current on your mortgage payments. If you are looking to refinance and you meet these requirements, you can contact your lender to inquire about the application process. The most common documentation that may be necessary to provide are:

  • Pay stubs
  • Income tax returns
  • Mortgage note and deed
  • Account balances on loans and credit cards
  • Second mortgage information
  • Insurance information
  • Bank statements

The application process is usually quick, however, the delay with the HARP program comes with the approval response period. You will need to be patient because many times the response can be delayed at least six months.